Thursday, February 29, 2024

Credit flow mirrors 7% growth this FY 2024 and beyond

A research attributed to the Reserve Bank of India (RBI) and State Bank of India (SBI) has presented a rosy picture even as Union finance minister Nirmala Sitharaman is presenting the interim budget in the Parliament on Thursday. 

The date shows a remarkable flow of credit in the last nine months, in the April-December 2023 duration. (See below)

Indeed the credit flow was 1.6 times higher than what it was in the previous fiscal, Rs 22.8 trillion to Rs 14.1 trillion in preceding period. 

And this credit flow was gushing on practically all sectors: Agriculture (1.5 times), MSME (1.7 times), Infra (6.2 times), Services (1.4 times) etc. 

Rural credit, likewise, is blooming contrary to whiners projecting a rural distress. 

This irrefutable data lends credence to the opinion of the experts that a 7% plus growth would be the new normal not just in Financial Year 2024 but beyond too. 

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